QUBT Files NHanced Financials: $57M Revenue, 87% Customer Concentration, $77.6M Purchase Price Allocation
QUBT sits 33% above its 52-week low of $6.18.
Summary
QUBT's 8-K/A provides the first detailed financials for NHanced Semiconductors, acquired June 22, showing $57.1M FY2025 revenue with 87% customer concentration, a $77.6M preliminary purchase price allocation, and pro forma combined revenue of $65.5M with a $36.2M net loss.
Key Events · M&A and Partnerships · QUBT
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NHanced FY2025 Financials Disclosed
NHanced reported revenue of $57.1M and net income of $15.7M for FY2025, up from $36.2M revenue and $8.8M net income in FY2024.
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Extreme Customer Concentration
One customer accounted for 87% of NHanced's FY2025 revenue (~$49M), up from 77% in FY2024, representing a significant revenue concentration risk.
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Preliminary Purchase Price Allocation
Total preliminary purchase price of $77.6M includes $35.9M in identifiable intangibles and $29.3M in goodwill, with $20M held in escrow and up to $72M in earnouts.
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Pro Forma Combined Results
Pro forma combined revenue for FY2025 was $65.5M with a net loss of $36.2M, reflecting the integration of NHanced and LSI acquisitions.
Analysis · QUBT · Technology
This amendment delivers the first look at NHanced's actual financials since the June 22 acquisition. The numbers reveal a business with strong revenue ($57.1M in FY2025) but extreme customer concentration — one customer accounted for 87% of revenue. The pro forma combined statements show QCi's revenue scaling to $65.5M for FY2025, but the combined entity still posted a $36.2M net loss. The preliminary purchase price allocation of $77.6M includes $35.9M in intangibles and $29.3M in goodwill, meaning a large portion of the deal value is tied to future performance expectations rather than hard assets. The restatement of NHanced's FY2024 financials adds a layer of accounting risk that investors should note.
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At the time of this filing, QUBT was trading at $8.19 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.9B. The 52-week trading range was $6.18 to $25.84. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.